The firm cited lower research revenues tied to its collaboration with Canon US Life Sciences for the overall revenue decline.
T2 said that the panel will be commercially available in Europe in Q3, and added that it is in the midst of completing a pivotal trial in preparation of a submission to the FDA.
Market growth is providing opportunities for emerging diagnostic companies and a range of options for clinicians, included PCR and protein tests.
The firm remains on track to file for FDA clearance of its T2Bacteria panel, which its CEO called a "game changer" by mid-2017.
The company said its product revenues rose during the fourth quarter thanks to an increase in T2Candida panel sales due to increased patient testing.
Research using the T2Plex instrument has detected a new conformation of red blood cells indicating a tight clot, which could be used as a biomarker.
The infectious disease diagnostics firm secured eight new contracts covering 18 hospital in the US and Europe during the fourth quarter.
The infectious disease diagnostics firm will initially receive $40 million from CRG, most of which will go towards paying down existing debt.
A hospital study demonstrated an average total cost saving of around $25,000 for each patient with candidemia.